**IES Holdings to Acquire Gulf Island Fabrication in $192 Million Deal**
*HOUSTON and THE WOODLANDS, Texas, Nov. 7, 2025 (GLOBE NEWSWIRE)* — IES Holdings, Inc. (“IES”) (NASDAQ: IESC) and Gulf Island Fabrication, Inc. (“Gulf Island”) (NASDAQ: GIFI) today announced they have entered into a definitive agreement for IES to acquire Gulf Island. Gulf Island is a leading steel fabricator and service provider to the industrial, energy, and government sectors.
Under the terms of the agreement, IES will pay $12.00 in cash per Gulf Island share, representing an aggregate equity value of approximately $192 million. Both companies’ boards of directors have approved the transaction, which is anticipated to close in the quarter ending March 31, 2026, subject to Gulf Island shareholder approval, regulatory clearances (including under the Hart-Scott-Rodino Antitrust Improvements Act), and customary closing conditions.
Certain holders representing approximately 20% of Gulf Island’s outstanding common stock have entered voting agreements supporting the transaction. Additionally, IES, which currently owns approximately 3.5% of Gulf Island’s common stock, has committed to vote in favor of the acquisition.
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**Strategic Rationale**
– **Strategically Located Gulf Coast Fabrication Campus**: Gulf Island’s Houma, Louisiana facility spans 450,000 square feet on 160 acres, expanding IES’s operational footprint.
– **Expanded Service Capabilities**: The acquisition brings an experienced craft workforce and specialty services, enhancing support for complex, schedule-driven projects.
– **Supporting U.S. Infrastructure Needs**: The combined company strengthens its ability to contribute to building and rebuilding U.S. infrastructure.
– **Operational Continuity and Culture**: Both companies share a strong focus on safety, quality, and execution, with complementary customer relationships.
Matt Simmes, President and Chief Executive Officer of IES, stated, “Gulf Island’s team and its Houma footprint strategically expand our capabilities to deliver complex steel structures and specialty services that support our continued growth in the data center market, as well as the building and rebuilding of U.S. infrastructure. We look forward to welcoming Gulf Island’s employees and serving customers with greater scale and flexibility.”
Richard Heo, President and Chief Executive Officer of Gulf Island, added, “We are excited to join IES. IES’s long-term strategy and resources will help us accelerate our initiatives while maintaining our commitment to safety, quality, and on-time delivery for our customers. At closing, Gulf Island shareholders will receive cash of $12.00 per share, representing a 52% premium to our trading price as of November 6, 2025. Our customers and employees will benefit from IES’s strategic resources and industry expertise.”
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**Gulf Island Third Quarter 2025 Earnings Conference Call**
In light of the proposed transaction, Gulf Island will not hold a conference call to discuss its financial results for the third quarter ended September 30, 2025.
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**About IES Holdings, Inc.**
IES designs and installs integrated electrical and technology systems and provides infrastructure products and services to end markets, including data centers, residential housing, and commercial and industrial facilities. The company employs more than 10,000 people across the United States.
*For more information, visit:* [www.ies-co.com](https://www.ies-co.com)
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**About Gulf Island**
Gulf Island is a leading fabricator of complex steel structures, modules, and automation systems. The company provides specialty services, including engineering, project management, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, cleaning and environmental, and technical field services. Gulf Island serves U.S. energy producers, refining, petrochemical, LNG, industrial and power operators, EPC companies, and various government entities.
Headquartered in The Woodlands, Texas, Gulf Island operates main facilities in Houma, Louisiana and Houston, Texas.
*For more information, visit:* [www.gulfisland.com](https://www.gulfisland.com)
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**Contacts**
**Company Contacts:**
– *IES Holdings, Inc.*: Tracy McLauchlin, Chief Financial Officer | (713) 860-1500
– *Gulf Island Fabrication, Inc.*: Westley S. Stockton, Chief Financial Officer | (713) 714-6100
**Investor Relations Contact:**
– Robert Winters or Stephen Poe, Alpha IR Group | (312) 445-2870 | [email protected]
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**Forward-Looking Statements**
This release includes “forward-looking statements” as defined under U.S. securities laws, relating to estimates, assumptions, and anticipated outcomes of the proposed transaction and each company’s operations. These statements are subject to risks and uncertainties that may cause actual results to differ materially. Factors include, but are not limited to: the possibility of termination of the merger agreement, failure to obtain required shareholder or regulatory approvals, disruption to business operations, changing market conditions, and other risks detailed in the annual and quarterly reports of both companies filed with the SEC.
IES and Gulf Island are not obligated to update forward-looking statements except as required by law. For additional details, please review filings available at the SEC’s website and at each company’s investor relations webpage.
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**Additional Information and Where to Find It**
This communication may be deemed solicitation material relating to the proposed transaction. Gulf Island will announce a special meeting of shareholders to obtain approval. Gulf Island will file relevant materials with the SEC, including a preliminary and definitive proxy statement.
**Shareholders are urged to read the proxy statement and other relevant SEC filings in their entirety when available, as they contain important information about the transaction.** These materials will be accessible for free at [www.sec.gov](https://www.sec.gov) and via Gulf Island’s investor relations page. Copies are also available by request from Gulf Island at (713) 714-6100 or 2170 Buckthorne Place, Suite 420, The Woodlands, Texas, 77380.
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**Participants in the Solicitation**
Directors and executive officers of Gulf Island, and other persons, may be deemed participants in the proxy solicitation for the transaction. Information is available in Gulf Island’s definitive proxy statement filed with the SEC on April 10, 2025, in connection with its 2025 annual meeting. Additional information regarding participants and their interests will be disclosed in the proxy statement related to the transaction and other relevant SEC filings.
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*End of Release.*
https://www.globenewswire.com/news-release/2025/11/07/3183622/29106/en/IES-Holdings-to-Acquire-Gulf-Island-Fabrication.html
